The Federal Executive Council (FEC) presided over by President Muhammadu Buhari has requested the National Assembly to restore N103 billion earlier deleted from the 2022 budget.
This was disclosed by the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, while briefing State House correspondents at the end of the cabinet meeting at the Council Chambers, Presidential Villa, Abuja.
The minister said that the FEC considered the request to make additional funding provision to enable the government to meet incremental fuel subsidy payment in the 2022 budget.
Ahmed noted that the Nigerian National Petroleum Company, NNPC, limited presented to the Federal Executive Council (FEC) a bill of N3 trillion as what is required in 2022 for payment of petroleum subsidy.
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She recalled that only N443 billion is presently available in the 2022 budget meant to accommodate subsidy from January to June.
According to her, “What this means is that we have to make incremental provision of N2.557 trillion to be able to meet subsidy requirement which is averaging about N270 billion per month.”
She said the request was considered by the council which directed the ministry to approach the National Assembly for an amendment to the fiscal framework as well as the budget.
The minister also revealed that the council has approved an amendment to be transmitted to the National Assembly to repeal clauses 10 and 11 concerning the Economic and Financial Crimes Commission (EFCC) and the Nigerian Financial Intelligence Unit (NFIU) operations in the 2022 budget.
NewsWireGR recalls the National Assembly had raised the 2022 Appropriation Bill of N17.126 trillion by N800 billion. President Muhammadu Buhari had submitted a budget of N16.391 trillion to the National Assembly.
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